When we discuss topics related to high asset divorces, we usually cover issues relevant to alimony or property division. While these issues can crop up in any divorce, they can be especially complex and large-scale when one or more individuals in a divorce owns high-value assets. A recent news story about the divorce between a fitness model and Florida businessman reminds us that child support can also be an issue in high asset divorces.
According to reports, the divorce between the two individuals was acrimonious, and the man did not make child support payments as required. In fact, the man reportedly moved assets and property out of the country and he also left the area. He left his ex-wife and three children in Florida. One judge referred to these actions as the man abusing the legal system for his own gain.
After a six-year battle in court, the woman has reportedly been awarded $13.4 million as a settlement for child support. The case has spanned at least two countries, with courts in Canada also weighing in on the matter. The man reportedly also received a four-year prison sentence due to failure to make court-ordered child support payments.
Legal experts point to this case not only as an example of how big the stakes are with regard to high asset divorces, but also as an illustration of the importance of resolving divorce matters sooner rather than later. Letting matters evolve over time, whether they are issues of custody, support or property division, only adds to the expense of the divorce and the possibility of increasingly negative outcomes.
Source: Toronto Sun, “N.S. mom wins $13.4M in child support settlement after 6-year court battle,” Michael Tutton, Dec. 18, 2015